Q1 . Complete the following into meaningful transactions. Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. а) starts a business called enterprise on 1st January, 2021 and invests ------as his /her capital. --enterprise purchases machinery paid 35% in cash and b) worth RO. remaining on credit. c) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. (cost ---- - being RO -----) on credit basis. e) The business took loan of RO. from Bank Muscat . withdrew RO.------- the business for his/ her personal use. o The owner ---from
Q1 . Complete the following into meaningful transactions. Solve them in basic accounting equation. Find the effect on Asset / Liabilities and Owner Equity and give the net result of the transactions. а) starts a business called enterprise on 1st January, 2021 and invests ------as his /her capital. --enterprise purchases machinery paid 35% in cash and b) worth RO. remaining on credit. c) The enterprise purchased goods worth RO.---- -. Paid RO.----- cash and balance on credit. d) The business made a sale of RO. (cost ---- - being RO -----) on credit basis. e) The business took loan of RO. from Bank Muscat . withdrew RO.------- the business for his/ her personal use. o The owner ---from
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 52PSA
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![Q1. Complete the following into meaningful
transactions . Solve them in basic accounting
equation. Find the effect on Asset / Liabilities
and Owner Equity and give the net result of the
transactions.
а)
starts a business
called
enterprise on 1st January, 2021 and invests
----as his /her capital.
----enterprise purchases machinery
paid 35% in cash and
b)
worth RO.
remaining on credit.
c) The enterprise purchased goods worth RO.----
-. Paid RO.----- cash and balance on credit.
d) The business made a sale of RO.
(cost
being RO ----) on credit basis.
e)
The business took loan of RO.
from Bank Muscat .
f)
The owner
withdrew RO.-----
----from
the business for his/ her personal use.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a654323-9f8c-4023-a25d-f0ad1a816ba7%2Fad49ca7a-a546-4080-b360-8f15fdc73d11%2F7937lc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q1. Complete the following into meaningful
transactions . Solve them in basic accounting
equation. Find the effect on Asset / Liabilities
and Owner Equity and give the net result of the
transactions.
а)
starts a business
called
enterprise on 1st January, 2021 and invests
----as his /her capital.
----enterprise purchases machinery
paid 35% in cash and
b)
worth RO.
remaining on credit.
c) The enterprise purchased goods worth RO.----
-. Paid RO.----- cash and balance on credit.
d) The business made a sale of RO.
(cost
being RO ----) on credit basis.
e)
The business took loan of RO.
from Bank Muscat .
f)
The owner
withdrew RO.-----
----from
the business for his/ her personal use.
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